European Bank for Reconstruction and Development EBRD

This week's scorecard features updates on the progress of selected supranationals through their funding programmes.

A deputy head of funding at a supranational issuer is set to take up a new position at a sovereign debt management office.

A pair of supranationals hit the bid for seven year dollar benchmarks at a small spread to mid-swaps this week, after dollar curves flattened in the wake of the European Central Bank announcing a programme of bond buying in late January. The issuers took advantage of strong market conditions ahead of markets shutting down next week because of a holiday in the US on Monday and the start of Chinese New Year holidays later in the week.

The European Bank for Reconstruction and Development on Thursday became the second supranational this week to print a benchmark in the seven year maturity. EBRD printed $1bn at the same level at which Asian Development Bank sold a $2.25bn February 2022 two days earlier, but the EBRD’s deal fell shy of full subscription, which bankers on and off the deal attributed to heavy supply in the maturity over the past 10 days — although some away from the mandate said the pricing was aggressive.

The European Bank for Reconstruction and Development is set to take the last window for dollar issuance ahead of a break for the Chinese New Year holiday next week. The issuer mandated banks on Wednesday afternoon for a seven year mandate with initial price thoughts at the same level as where Asian Development Bank priced a deal in that maturity on Tuesday.

International Finance Corporation has become the most recent supranational to print in Russian roubles, following close behind a trio of its peers that made rare appearances in the currency last week. High yields in the currency, despite Russia’s central bank cutting its key interest rate, have bankers expecting more supply to come.

The International Finance Corporation has become the most recent supranational to print in Russian roubles, following close behind a trio of its peers that made rare appearances in the currency last week. High yields in the currency, despite Russia’s central bank cutting its key interest rate, have bankers expecting more supply to come.

Investors piled into the European Bank for Reconstruction and Development’s tap of a long one year Indian rupee line this week, creating one of the largest ever single tranche deals in the currency’s offshore bond market.

Despite a strong backdrop for issuance this week few SSAs are willing to bring benchmark deals in euros, as issuers wait until the full effect of the European Central Bank’s quantitative easing announcement last week plays out. Meanwhile, the next meeting of the US Federal Reserve’s Federal Open Market Committee and a winter storm approaching New York are limiting dollar issuance windows.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

This week's scorecard features updates on the progress of selected supranationals through their funding programmes.

A short window of issuance is open for borrowers with dollar benchmarks to do ahead of the Thanksgiving holiday next week that heralds the traditional close of the market.